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Exhibit 11

POTASH CORPORATION OF SASKATCHEWAN INC.
COMPUTATION OF PER SHARE EARNINGS
FOR THE YEARS ENDED DECEMBER 31

|  |  |                                                                                 |  |      |            |      |  |   |            |  
|- |  | ------------------------------------------------------------------------------- |  | ---- | ---------- | ---- |  | - | ---------- | -
|  |  |                                                                                 |  | 2001 |            | 2000
|  |  |                                                                                 |  |      |            |     
|A |  | Net income as reported, Canadian GAAP ($ millions)                              |  | $    | 121.2      |      |  | $ | 198.0      |  
|  |  |                                                                                 |  |      |            |     
|B |  | Items adjusting net income ($ millions)                                         |  | $    | (26.6)     |      |  | $ | (0.2       | )
|  |  |                                                                                 |  |      |            |     
|C |  | Net income, US GAAP ($ millions)                                                |  | $    | 94.6       |      |  | $ | 197.8      |  
|  |  |                                                                                 |  |      |            |     
|D |  | Weighted average number of shares outstanding                                   |  |      | 51,879,000 |      |  |   | 52,410,000 |  
|  |  |                                                                                 |  |      |            |     
|E |  | Net additional shares issuable for fully diluted
earnings per share calculation |  |      | 307,000    |      |  |   | 293,000    |  
|  |  |                                                                                 |  |      |            |     
|  |  | CANADIAN GAAP                                                                   |  |      |            |      |  |   |            |  
|  |  |                                                                                 |  |      |            |     
|  |  | Basic earnings per share (A/D)                                                  |  | $    | 2.34       |      |  | $ | 3.78       |  
|  |  |                                                                                 |  |      |            |     
|  |  | Fully diluted earnings per share ((A/(D+E)                                      |  | $    | 2.32       |      |  | $ | 3.76       |  
|  |  |                                                                                 |  |      |            |     
|  |  | UNITED STATES GAAP                                                              |  |      |            |      |  |   |            |  
|  |  |                                                                                 |  |      |            |     
|  |  | Basic earnings per share (C/D)                                                  |  | $    | 1.82       |      |  | $ | 3.77       |  
|  |  |                                                                                 |  |      |            |     
|  |  | Fully diluted earnings per share ((C/(D+E))                                     |  | $    | 1.81       |      |  | $ | 3.77       |